Manhattan Q3 Market Update

Q3 2026 Manhattan apartment market: highlights

Overall market

• Average price was $2,045,441, up 2% YoY but down from Q2. The median rose 6% YoY to $1,275,000.
• Closings rose 6% YoY to 3,558, the most of any quarter in the past year.
• Co-ops averaged $1.47M (median $900K, up 3% YoY). Condos averaged $2.73M (median $1.8M, up 7%).

Resale strength

• Resales averaged $1,895,196 (up 2%), and the median was $1,170,000 (up 7%).
• Days on market fell to 87, down 14% YoY and the lowest in four years.
• Sellers got 97.8% of their last asking price, the highest in four years.
• The resale co-op average fell 4% because fewer luxury 3BR+ units sold. The resale condo average rose 5%.
• Loft prices per square foot rose sharply, with the average PPSF at $1,786, up about 20% YoY.

New development

• The average price was $3,022,419 (up 2%) and the median was $1,990,339 (up 7%).
• Downtown south of 14th Street led with 26.7% of new development closings.

By neighborhood (resale)

• East Side: The 2BR median rose 12% to $1.627M. Condo PPSF was $1,586, up 3%.
• West Side: Studios rose 7% and 2BRs rose 5%. The 1BR median slipped 1%. Condo PPSF was $1,638, roughly flat.
• Midtown: This was the weakest area. Condo PPSF fell 10% to $1,375, studios fell 15% and 2BRs fell 9%. Only 3BR+ rose, up 24%.
• Downtown (34th–14th): Co-op price per room rose 9% for prewar and 8% for postwar. Condo PPSF rose 5% to $1,800. The 3BR+ median fell 19%.
• Downtown (south of 14th): Condo PPSF was $1,918, up 4% and the highest in Manhattan. The 2BR median rose 9% to $2.13M.
• Upper Manhattan: 2BRs rose 15% and 3BR+ rose 25%. Studios and 1BRs dipped. Condo PPSF was $855, slightly down.

Q4 outlook

• Mortgage rates are back above 7%, and high-end inventory is tight.
• Concerns about the war in Iran, inflation and the elections led to a sharp drop in signed contracts in September. That points to softer Q4 closings.

In Summary: Well-priced resales are moving quickly and close to ask right now. Sellers have a window before the expected Q4 slowdown, and buyers in Midtown may find the most room to negotiate.